Dear sir, I booked a property in Bangalore with my son and daughter in law, 50% and above I am counrtibuting by selling my plot and rest my son and daughter in law through bank loan. I will also participate in loan. I have one more son who is a student. I wanted to know what precautions we should take to maintain our respective share and safe guard of my younger son interest in the future . Agreement between we and builder is still pending and likely to execute next 4-5days. I means type of ownership, % of share, occupancy by one co owner to pay rent to other etc, where and when it required to mention and in what document
sale deed should mention that you would have 50 per cent share in property
2) if you are co owner your consent is necessary to give premises on rent and you would be entitled to 50 per cent of rentals
3) your rental agreement should provide that cheque for 50 per cent rentals should be in your name
You can execute a gift deed for deciding your share in the same and respective percentage
See in the sale deed you can describe your shares or further after sale deed you can prepare can prepare a registered agreement deciding three shares. Also to secure the future of the younger son you can will your share to him
Dear,
After agreement with builder execute another agreement where you create 1 share of younger
son also or you should prepare will also in favor of your younger son .
In joint property each individual is entitled to share in the property in proportion to the contribution towards consideration made by them in absence of a contract to the contrary.
Otherwise you may specify the share of each individual with consent of all.
It is not necessary to incorporate everything in sale deed. Except ownership/share of interest in the property other related conditions may be made in a separate agreement duly signed by all.
Property will owned in co ownership. Mention clearly in sale deed, proportion of contribution and acc. to that proportion ownership will lie.
About rent separate deed will execute between co owners.
You can give 50% ownership to your younger son which is your contribution in flat.
And second option is that you can write a will that your share will be distributed among both your sons equally after you and registere the will in sub registrar office.
Occupancy and rent agreement can be done personally between the co owners of flat.
If you plan to purchase this property jointly you may either make a mention about each individuals' share specifically in the registered sale or if you dont mention anything about it then the property shall devolve equally on all the buyers.
you can decide about the percentage sharing in the property and prepare the sale deed accordingly.
There wont by any interest to your another son in this property since you have not included him as one of the joint owners in the property.
